UBS does a deal with European antitrust probe over Libor case

Oliver Smith
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UBS has done a deal with European Union antitrust authorities to spare the Swiss bank from fines for the manipulation of benchmark interest rates, according to the Wall Street Journal.

The bank will cooperate with investigators and turn over information on other banks as part of the arrangement.

With Barclays having already reached a deal with European antitrust authorities, both banks will evade reprimands when the probe into the interest-rate manipulation scandal is completed.

Authorities are expected to conclude that a number of banks broke European law forbidding cartels.

UBS has reportedly been granted immunity for the part of the case that relates to manipulation of the London interbank offered rate, or Libor.

Several banks are reportedly seeking leniency with European authorities over the probe.